Nigerian stock trading apps with exposure to foreign stock listing face a herculean task as Binance, the world’s biggest crypto exchange recently disclosed it will list three new stock tokens over the coming weeks, following the launch of stock tokens that gauged the performance of Coinbase and Tesla Stocks in early April.
The Hong Kong-based exchange in a statement released today said that such tokenized stock offerings will include MicroStrategy, in addition to tech juggernauts Apple and Microsoft.
The tokens will permit its customers to trade fractionalized units of the share tokens, at cheaper transactional fees when compared to traditional trading apps.
Fast-rising fintech trading platforms like Chaka, Trove, Bamboo, and Risevest already offer Nigerians such platform in purchasing foreign listed stocks amid the recent clampdown of such services by the Nigerian Securities Commission.
What you should know about Binance Tokens
Binance Stock Tokens are tokens of stocks (i.e., shares of public companies) that trade on traditional stock exchanges.
Each Stock Token represents one ordinary share of the relevant stock. These Stock Tokens are fully backed by a depository portfolio of underlying securities held by CM-Equity AG, Germany (“CM-E”). Holders of Stock Tokens will qualify for economic returns on the underlying shares, including potential dividends.
Blockchain technology is already revolutionizing financial system services. This technology has made the need for a third party unnecessary in transactions or access to the stock market. Conventionally, buying stocks usually required a stockbroker, paperwork, or a long list of financial assessments.
Unlike regularly traded stocks, tokenized stocks do not require any sort of paperwork or the need for a stockbroker as a middle-man, which makes them free from the stockbroker’s fees.
Tokenized stocks are derivatives assets. This simply means that the price of a tokenized stock is determined by the price of the company’s stock. If a particular asset is traded at a certain price on a stock market, the same price or a little difference in price will be traded on different exchanges.
Tokenized stocks are digitalized forms of a company’s stock traded on secondary markets. What this means is that Tesla, Apple, Facebook, etc. stocks can be traded on a crypto exchange. Trading Tesla’s stocks, for instance, on crypto exchanges makes it easily accessible to purchase anywhere.
Nigeria’s AfriGo to Rival Visa, Mastercard – Central Bank
The Central Bank of Nigeria (CBN) has launched the Nigerian National Domestic Card Scheme, AfriGo, aimed at creating a more robust payment system that would drive financial inclusion in the country.
CBN governor, Godwin Emefiele, has said that transaction charges on all cards would henceforth be paid in Naira, except for international transactions.
Emefiele said the card, which will function like other international payment cards, is aimed at boosting financial inclusion in the country and reducing dependence on foreign cards. He added that “by this initiative, will therefore be joining countries like China, Russia, Turkey and India which have launched domestic card schemes and harnessed the transformative benefits for their respective payments and financial systems, particularly for the underbanked.”
The national domestic card is expected to rival Visa and Mastercard, the market’s biggest players.
The announcement follows last year’s decision to phase out old higher denomination bank notes. The new notes came into circulation effect on December 15, 2022.
The Gospel of the “Obi-Datti” Movement
Nigeria 23:57….. and it came to pass in those days as Peter the son of Obi journeyed from Kaduna unto Kano, a great multitude followed him as he spake unto them saying; behold, I will do a new thing in Northern Nigeria, if thou and thy children shall vote for me, we will prosper thy land and thy seed shall eat the fruits thereof, for what profiteth the North that thou hast great land and thy offspring suffereth hunger and starvation.
As he spake these things, the Kadunites and the Kanites marvelled and they spake one to another, what manner of man is this that bringeth hope unto us. The people spread the good news of Peter and his brother Datti and whole city rejoiced at the marvelous things he spake unto them. Many were baptized unto OBIDIENCE and the number of those baptized were Nine hundredth and forty thousand men, with women and children not counted.
….. An excerpt from one of the “obedients” that got our attention inhouse. With the elections at hand in Nigeria, it would be advisable for all to get their PVC’s and go vote for their candidate.
Tanzanian opposition leader returns home after years in exile
Tanzanian opposition leader and former presidential candidate Tundu Lissu returned home from years of exile in Belgium to a cheering crowd on Wednesday, after the government lifted a ban on political rallies.
A former lawmaker and a fierce critic of the government, Lissu initially left the country to seek treatment abroad after he was shot 16 times, mostly in his lower abdomen, in an attack by unknown gunmen in the administrative capital Dodoma in 2017.
President Samia Suluhu Hassan lifted a ban on political rallies this month, more than six years after her predecessor John Magufuli imposed the measure which caused frequent run-ins between opposition leaders and police.
The move was welcomed by the opposition and it prompted Lissu to announce he would end his exile.
He was welcomed by a large gathering of his supporters at the Julius Nyerere International Airport, before making his way by car to a rally in the commercial capital Dar es Salaam.
Exile had been tough, he told the crowd which was waving his CHADEMA party flags, adding he would push for the enactment of a new constitution.
“Without a new constitution it will be difficult to change anything. Without it we won’t have a free and independent electoral commission,” he said.
The current constitution vested too much power in the executive, he said, adding it was imperative to push for reforms.
“If you are tired of all these high taxes, high inflation of food… let us find a political solution, let us find a new constitution,” Lissu said.
Lissu, who had been arrested eight times in the year leading up to the gun attack he survived, returned to his homeland in 2020 to challenge Magufuli in an election.
However, shortly after the election he fled to the residence of the German ambassador after receiving death threats, and then left the country again.
Under the ban on rallies, which came into force in 2016, elected politicians were allowed to conduct rallies in their constituencies but other political rallies or protests were prohibited.
Magufuli died in March 2021 due to a heart disease that had plagued him for a decade. Upon ascending to the presidency, Hassan undertook some reforms, including lifting a ban on newspapers deemed critical and opening talks with opposition leaders.
Nigeria: Federal Govt Sets Up 14-Man Committee to Manage Petroleum Products Supply, Distribution
In a move to find lasting solution to the disruptions in the supply and distribution of petroleum products in the country, President Muhammadu Buhari has approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management, which he will personally chair, the ministry of petroleum resources announced yesterday.
The Steering Committee, which has minister of state for Petroleum Resource, Chief Timipre Sylva as alternate chairman is expected to among other things to ensure transparent and efficient supply and distribution of petroleum products across the country.
Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-end tracking of petroleum products, especial PMS to ascertain daily national consumption and eliminate smuggling.
To further ensure sanity in the supply and distribution across the value chain, Sylva has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure strict compliance with the government approved ex-depot and retail prices for PMS.
The minister has further directed the NMDPRA to ensure that NNPC Limited, which is the supplier of last resort meets the domestic supply obligation of PMS and other petroleum products in the country.
He further directed that the interests of the ordinary Nigerian is protected from price exploitation on other deregulated products such as AGO and DPK and LPG.
The federal government will not allow misguided elements to bring untold hardship upon the citizenry and attempt to discredit government’s efforts in consolidating the gains made thus far in the oil and gas sector of the economy.
Other members of the committee are minister of Finance, permanent secretary, Ministry of Petroleum Resources, National Economic Adviser to the President, director-general, Department of State Services (DSS), comptroller-general, Nigerian Customs Service (NCS), chairman, Economic and Financial Crimes Commission Member (EFCC), and commandant-general, Nigerian Security and Civil Defence Corps (NSCDC)
Others who made up the Steering Committee are Authority chief executive, Nigerian Midstream and Member Downstream Petroleum Regulatory Authority (NMDPRA), governor, Central Bank of Nigeria (CBN), group chief executive officer, NNPC Limited, Special Advisor (Special Duties) to the HMSPR while the Technical Advisor (Midstream) to the HMSPR will serve as Secretary.
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